Apple Bonds May Drive Electronic Bond Trading Boom, Tchir Says
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Apple Inc.’s new bonds may prove a boon to electronic platforms, with the biggest corporate offering on record spurring trading at a time when dealer inventories were running dry, according to TF Market Advisors.
The company’s $17 billion sale of bonds this week, its first since 1996, may “turn out to be a watershed moment in the world of bond trading,” Peter Tchir, founder of the New York-based firm, wrote in a note to clients today. Trading in the Cupertino, California-based company’s bonds accounted for 3.8 percent of volume yesterday, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.